EQUINOR ASA [EQNR] Filings

20-F 1 eqnr20231231.htm EQUINOR ANNUAL REPORT ON FORM 20-F 2023 eqnr20231231

Equinor 2023 Annual Report on Form 20-F

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM

20-F

(Mark One)

☐

REGISTRATION STATEMENT

PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF

1934

☒

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended

December 31, 2023

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

☐

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

Commission file number

1-15200

Equinor ASA

(Exact Name of Registrant as Specified in Its Charter)

N/A

(Translation of Registrant’s Name Into English)

Norway

(Jurisdiction of Incorporation or Organization)

Forusbeen 50

N-4035

Stavanger

Norway

(Address of Principal Executive Offices)

Torgrim Reitan

Chief Financial Officer

Equinor ASA

Forusbeen 50

N-4035

Stavanger

Norway

Telephone No.: 011-

5199-0000

Fax No.: 011-47-

5199-0050

(Name, Telephone,

E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange On Which

Registered

American Depositary Shares

EQNR

New York Stock Exchange

Ordinary shares, nominal value of NOK

2.50

each

EQNR

New York Stock Exchange

*Listed, not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the

requirements of the Securities and Exchange Commission

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

Equinor 2023 Annual Report on Form 20-F

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the

period covered by the annual report.

Ordinary shares of NOK 2.50 each

2,944,733,144

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☒

Yes

☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to

Section 13 or 15(d) of the Securities Exchange Act of 1934.

☐

Yes

☒

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934 from their obligations under those Sections.

☒

Yes

☐

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the

Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to

file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Indicate by check mark whether the registrant has submitted electronically Interactive Data File required to be submitted

pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period

that the registrant was required to submit and post such files)

☒

Yes

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,

or an

emerging growth company. See the definitions of “large accelerated filer,”

“accelerated filer,” and “emerging growth company”

in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Emerging growth company

☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP,

indicate by check mark if

the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting

standards† provided pursuant to Section 13(a) of the Exchange Act

☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards

Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the

effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 762(b))

by the registered public accounting firm that prepared or issued its audit report.

☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the

registrant included in the filing reflect the correction of an error to previously issued financial statements.

☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive

based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to

§240.10D-1(b).

☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this

filing:

U.S. GAAP

☐

International Financial Reporting Standards

as issued

by the International Accounting Standards Board

☒

Other

☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the

registrant has elected to follow.

Item 17

☐

Item 18

☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2

of the Exchange Act).

☐

Yes

☒

Equinor 2023 Annual Report on Form 20-F

TABLE OF CONTENTS

INTRODUCTION

USE AND RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FORWARD-LOOKING STATEMENTS

PART I

ITEM 1.

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Directors and Senior Management

Advisers

Auditors

ITEM 2.

OFFER STATISTICS AND EXPECTED TIMETABLE

Offer Statistics

Method and Expected Timetable

ITEM 3.

KEY INFORMATION

[Reserved]

Capitalization and Indebtedness

Reason for the Offer and Use of Proceeds

Risk Factors

ITEM 4.

INFORMATION ON THE COMPANY

History and Development of the Company

Business Overview

Organizational Structure

Property, Plant and Equipment

ITEM 4A.

UNRESOLVED STAFF COMMENTS

ITEM 5.

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

Operating Results

Liquidity and capital resources

Research and development, Patents and Licences, etc.

Trend information

Critical Accounting Estimates

ITEM 6.

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

Directors and Senior Management

Compensation

Board Practices

Employees

Share Ownership

Disclosure of a registrant’s action to recover erroneously awarded compensation.

ITEM 7.

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

Major shareholders

Related Party Transactions

Interests of Experts and Counsel

ITEM 8.

FINANCIAL INFORMATION

Consolidated Statements and Other Financial Information

Significant Changes

ITEM 9.

THE OFFER AND LISTING

Offer and Listing Details

Plan of Distribution

Markets

Selling Shareholders

Dilution

Expenses of the Issue

ITEM 10. ADDITIONAL INFORMATION

Share Capital

Memorandum and Articles of Association

Material Contracts

Exchange controls

Equinor 2023 Annual Report on Form 20-F

Taxation

Dividends and Paying Agents

Statement by Experts

Documents on Display

Subsidiary Information

Annual Report to Security Holders.

ITEM 11. QUANTITATIVE

AND QUALITATIVE

DISCLOSURES ABOUT MARKET RISK

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

Debt Securities

Warrants and Rights

Other Securities

American Depositary Shares

PART II

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 15. CONTROLS AND PROCEDURES

ITEM 16. [RESERVED]

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16B. CODE OF ETHICS

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER

AND AFFILIATED PURCHASERS

ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT

ITEM 16G. CORPORATE GOVERNANCE

ITEM 16H. MINE SAFETY DISCLOSURE

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 16J. INSIDER TRADING POLICIES

ITEM 16K. CYBERSECURITY

PART III

ITEM 17. FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS

ITEM 19. EXHIBITS

CONSOLIDATED FINANCIAL STATEMENTS

Equinor 2023 Annual Report on Form 20-F

INTRODUCTION

Unless otherwise indicated, all references herein to “we”, “our”, the “company”, the “group” or

“Equinor” are references to Equinor ASA

and its consolidated subsidiaries.

This document is our annual report on Form 20-F for the year ended 31 December 2023 (“

2023 Form 20-F

”). Reference is made to

our Norwegian Integrated Annual Report for 2023 which is attached hereto as Exhibit 15.4

(the “

2023 Annual Report

”), our 2023 Oil

and Gas Reserves Report which is attached hereto as exhibit 15.5 (the “

2023 Oil and Gas Reserves Report

”), our 2023

Remuneration Report which is attached hereto as exhibit 15.6 (the

“2023 Remuneration Report

”), and our 2023 Board of

Governance Report which is attached hereto as exhibit 15.7 (the “

2023 Corporate Governance Report

”). Only (i) the information

included in this 2023 Form 20-F, (ii) the information in the 2023 Annual Report, the 2023 Oil and Gas Reserves Report, the 2023

Remuneration Report and the 2023 Corporate Governance Report that is incorporated by reference

in this 2023 Form 20-F (excluding

any page references incorporated in the incorporated material unless specifically noted otherwise),

and (iii) the other exhibits to this

2023 Form 20-F shall be deemed to be filed with the Securities and Exchange Commission (“

SEC

”) for any purpose, including

incorporation by reference into the Registration Statement on Form F-3 filed on May 4, 2023 (File No.

333-271647), and Registration

Statement on Form S-8 filed on February 9, 2022 (File No. 333-262601) and any other documents filed

by us pursuant to the

Securities Act of 1933, as amended, which purport to incorporate by reference the 2023 Form

20-F.

Unless otherwise indicated,

references to major headings include all information under such major headings, including subheadings, unless

such reference is a

reference to a subheading, in which case such reference includes only the information

contained under such subheading. Any other

information shall not be deemed to be so incorporated by reference.

In addition to the information set out below, the information set forth under the heading “Other definitions and abbreviations” in Section

5.7 of Chapter 5 on pages 306 – 309 of the 2023 Annual Report is incorporated herein by

reference.

The 2023 Annual Report contains references to our website (https://www

equinor.com).

Information on our website or any other

website referenced in the 2023 Annual Report is not incorporated into this document and should

not be considered part of this

document.

The SEC maintains an Internet website that contains reports and other information regarding

issuers that file electronically with the

SEC. Our filings with the SEC are available to the public through the SEC’s website at http://www.sec.gov.

The information about Equinor’s competitive position in this 2023 Form 20-F (including

the information in the 2023 Annual Report that

is incorporated by reference herein) is based on several sources such as investment analyst reports,

independent market studies, and

internal assessments of market share based on publicly available information about the financial

results and performance of market

players.

Equinor 2023 Annual Report on Form 20-F

USE AND RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Since 2007, Equinor has been preparing its audited consolidated financial statements in accordance

with International Financial

Reporting Standards (IFRS® Accounting Standards) as adopted by the European Union (EU)

and as issued by the International

Accounting Standards Board. IFRS Accounting Standards have been applied consistently to

all periods in our audited consolidated

financial statements as of 31 December 2023 and 2022, and for the three years ended 31 December

2023 included in this 2023 Form

20-F (the “Consolidated financial statements”).

Non-GAAP financial measures are defined as numerical measures that either exclude or include

amounts that are not excluded or

included in the comparable measures calculated and presented in accordance with generally accepted

accounting principles: (i.e,

IFRS Accounting Standards in the case of Equinor). The following financial measures included

in this 2023 Form 20-F may be

considered non-GAAP financial measures:

Net debt to capital employed ratio, Net debt to capital employed ratio adjusted, including lease liabilities

and Net debt to capital

employed ratio adjusted

Return on average capital employed (ROACE)

Organic capital expenditures

Gross capital expenditure (gross capex)

Cash flows from operations after taxes paid (CFFO after taxes paid)

Net cash flow (previously named Free cash flow)

Adjusted earnings and adjusted earnings after tax

For more information on the calculation and reconciliation of these non-GAAP financial measures,

see “Item 5. Operating and

Financial Review and Prospects—B. Liquidity and capital resources—Use and reconciliation of non-GAAP

financial measures.”

Equinor 2023 Annual Report on Form 20-F

FORWARD-LOOKING STATEMENTS

This 2023 Form 20-F F (including information incorporated

herein from the 2023 Integrated Annual Report)

contains certain forward-looking

statements that involve risks and uncertainties, in

particular in the sections incorporated by reference in

Item 4 of this 2023 Form 20-F. In

some cases, we use words such as "aim", "ambition",

"anticipate", "believe", "continue", “commit”, "could",

"estimate", "expect", "intend",

"likely", "objective", "outlook", "may", "plan", "schedule",

"seek", "should", "strategy", "target", "will", "goal" and

similar expressions to identify

forward-looking statements. All statements other than

statements of historical fact, including: the commitment

to develop as a broad energy

company and diversify our energy mix; the ambition

to be a leading company in the energy

transition; ambition to reach net zero by 2050

and

expectations regarding progress on our energy

transition plan; our ambitions regarding reduction

in operated emissions and net carbon

intensity and allocation of gross capex* to renewables

and low carbon solutions; our ambitions and

expectations regarding decarbonisation;

our ambition to maintain value in oil and gas,

focus on high value growth in renewables and

contribute to maturing CCS and hydrogen

markets; ambition to attain a leadership position

in the European CCS market and expectations regarding

market share for storage and

hydrogen; aims, expectations and plans for renewables production

capacity and power generation, investments in

renewables and low-carbon

solutions and the balance between oil and gas and

renewables production; our expectations with respect

to net carbon intensity, operated

emissions, carbon and methane intensity and flaring

reductions; our internal carbon price and other

financial metrics for investment decisions;

break-even considerations and targets; robustness of

our portfolio; aims and expectations regarding

Equinor’s resilience across different

climate scenarios; future levels of, and expected value

creation from, oil and gas production, scale and

composition of the oil and gas portfolio,

and development of CCS and hydrogen businesses;

plans to develop fields; our intention to optimise

and mature our portfolio; future

worldwide economic trends, market outlook and

future economic projections and assumptions, including

commodity price assumptions;

expectations and plans regarding capital expenditures;

future financial performance, including earnings,

cash flow, liquidity and return on

average capital employed (ROACE)*; the ambition

to grow cash flow and returns; expectations regarding

cash flow and returns from our oil

and gas portfolio and renewables and low carbon

solutions portfolio; organic capital expenditures for 2024;

expectations and estimates

regarding production and execution of projects;

the ambition to keep unit of production cost in

the top quartile of our peer group; scheduled

maintenance activity and the effects thereof on equity production;

business strategy and competitive position; sales,

trading and market

strategies; research and development initiatives and

strategy, including ambitions regarding allocation of research and development

capital

towards renewables and low carbon-solutions; expectations

related to production levels, unit production cost,

investments, exploration

activities, discoveries and development in connection

with our ongoing transactions and projects;

our ambitions, expectations and plans

regarding diversity and inclusion, employee training

and supporting a just energy transition; plans

and expectations regarding completion and

results of acquisitions, disposals and other contractual

arrangements and delivery commitments; plans,

ambitions and expectations regarding

recovery factors and levels, future margins and future

levels or development of capacity, reserves or resources; planned turnarounds and

other maintenance activity; expectations regarding

growth in oil and gas, , including for volumes lifted and

sold to equal entitlement production,

and renewable power production; estimates related

to production and development, forecasts, reporting

levels and dates; operational

expectations, estimates, schedules and costs; expectations

relating to licences and leases; oil, gas, alternative

fuel and energy prices,

volatility, supply and demand; plans and expectations regarding processes

related to human rights laws, corporate

structure and

organizational policies; digitization, technological innovation,

implementation, position and expectations;

expectations regarding role and

composition of the board and our remuneration policies;

our goal of safe and efficient operations; effectiveness

of our internal policies and

plans; our ability to manage our risk exposure,

our liquidity levels and management of liquidity

reserves; future credit ratings; estimated or

future liabilities, obligations or expenses; expected

impact of currency and interest rate fluctuations;

projected outcome, impact or timing of

HSE regulations; HSE goals and objectives of

management for future operations; our ambitions

and plans regarding biodiversity (including

our

aim to develop a net-positive impact approach

for projects) and value creation for society; expectations

related to regulatory trends; impact of

PSA effects; projected impact or timing of administrative

or governmental rules, standards, decisions,

standards or laws (including taxation

laws); projected impact of legal claims against us;

plans for capital distribution, share buy-backs and

amounts and timing of dividends are

forward-looking statements.

You should not place undue reliance on these forward-looking statements. Our actual results

could differ materially from those anticipated in

the forward-looking statements for many reasons, including

the risks factors incorporated in Item 3.D of this 2023

Form 20-

Forward-looking statements are not guarantees of

future performance. They reflect current views

about future events, are based on

management’s current expectations and assumptions and are,

by their nature, subject to significant risks and

uncertainties because they

relate to events and depend on circumstances

that will occur in the future. There are a number

of factors that could cause actual results

and

developments to differ materially from those expressed or

implied by these forward-looking statements,

including levels of industry product

supply, demand and pricing, in particular in light of significant oil price

volatility; unfavourable macroeconomic conditions and

inflationary

pressures; exchange rate and interest rate fluctuations;

levels and calculations of reserves and material

differences from reserves estimates;

regulatory stability and access to resources, including

attractive low carbon opportunities; the effects of climate

change and changes in

stakeholder sentiment and regulatory requirements

regarding climate change; changes in market

demand and supply for renewables; inability

to meet strategic objectives; the development and use

of new technology; social and/or political instability, including as a result

of Russia’s

invasion of Ukraine and the conflict in the

Middle East; failure to prevent or manage digital

and cyber disruptions to our information and

operational technology systems and those of third parties

on which we rely; operational problems, including

cost inflation in capital and

operational expenditures; unsuccessful drilling; availability

of adequate infrastructure at commercially viable

prices; the actions of field partners

and other third-parties; reputational damage; the actions

of competitors; the actions of the Norwegian

state as majority shareholder and

exercise of ownership by the Norwegian state;

changes or uncertainty in or non-compliance

with laws and governmental regulations; adverse

changes in tax regimes; the political and economic

policies of Norway and other oil-producing countries;

regulations on hydraulic fracturing

Equinor 2023 Annual Report on Form 20-F

and low-carbon value chains; liquidity, interest rate, equity and credit risks; risk

of losses relating to trading and commercial

supply activities;

an inability to attract and retain personnel; ineffectiveness

of crisis management systems; inadequate insurance

coverage; health, safety and

environmental risks; physical security risks to personnel,

assets, infrastructure and operations from hostile

or malicious acts; failure to meet

our ethical and social standards; non-compliance with

international trade sanctions; and other factors discussed

elsewhere in this 2023 Form

20-F.

The achievement of Equinor’s climate ambitions

depends, in part, on broader societal shifts in

consumer demands and technological

advancements, each of which are beyond Equinor’s

control. Should society’s demands and technological innovation

not shift in parallel with

Equinor’s pursuit of its energy transition plan,

Equinor’s ability to meet its climate ambitions

will be impaired. The calculation of Equinor’s

net

carbon intensity presented in this report includes an

estimate of emissions from the use of sold products

(GHG protocol category 11) as a

means to more accurately evaluate the emission lifecycle

of what we produce to respond to the energy

transition and potential business

opportunities arising from shifting consumer demands.

Including these emissions in the calculations should

in no way be construed as an

acceptance by Equinor of responsibility for the

emissions caused by such use.

The reference to any scenario in this report, including

any potential net-zero scenarios, does not imply

Equinor views any particular scenario

as likely to occur. Third-party scenarios discussed in this report reflect

the modeling assumptions and outputs of their respective

authors, not

Equinor, and their use by Equinor is not an endorsement by Equinor

of their underlying assumptions, likelihood or probability. Investment

decisions are made on the basis of Equinor’s

separate planning process. Any use of the modeling of

a third-party organization within this

report does not constitute or imply an endorsement

by Equinor of any or all of the positions or

activities of such organization.

Although we believe that the expectations reflected

in the forward-looking statements are reasonable,

we cannot assure you that our future

results, level of activity, performance or achievements will meet these expectations.

Moreover, neither we nor any other person assumes

responsibility for the accuracy and completeness

of the forward-looking statements. Any forward-looking

statement speaks only as of the date

on which such statement is made, and, except as

required by applicable law, we undertake no obligation to update

any of these statements

after the date of this 2023 Form 20-F, either to make them conform to actual results or changes

in our expectations.

Equinor 2023 Annual Report on Form 20-F

Part I

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Directors and Senior Management

Not applicable.

Advisers

Not applicable.

Auditors

Not applicable.

ITEM 2. OFFER STATISTICS

AND EXPECTED TIMETABLE

Offer statistics

Not applicable.

Method and Expected Timetable

Not applicable.

ITEM 3. KEY INFORMATION

[Reserved]

Capitalization and Indebtedness

Not applicable.

Reason for the Offer and Use of Proceeds

Not applicable.

Risk Factors

The information set forth under the heading “

Risk Factors

” in section 5.2 of chapter 5 on pages 264– 270 of the 2023 Annual

Report is incorporated herein by reference.

ITEM 4. INFORMATION ON THE COMPANY

History and Development of the Company

Equinor ASA was incorporated on 18 September 1972, is a public limited liability company

organised under the laws of Norway

and is subject to the provisions of the Norwegian Public Limited Liability Companies Act. Equinor’s

head office is located at Forusbeen

50, 4035 Stavanger, Norway. The telephone number of its principal place of business is +47-5199-00 00.

The information set forth under the following headings of the 2023 Annual Report is incorporated

herein by reference:

Equinor 2023 Annual Report on Form 20-F

●

Progress on our Energy transition plan in 2023 on pages 20 – 23;

●

Our History in Section 1.2 of Chapter 1 on page 11;

●

Investments in Section 2.2 of Chapter 2 on page 98;

●

Key events in Section 3.1 of Chapter 3 on page 125;

●

The information in the fifth paragraph under the heading “Exploration & Production Norway” in Section

3.1 of

Chapter 3 on page 125;

●

Key events in Section 3.2 of Chapter 3 on page 131;

●

The information in the fifth paragraph and under the sub-headings “Brazil” and “UK” under the

heading “Exploration

& Production International in Section 3.2 of Chapter 3 on page 130;

●

Key events 2023 in Section 3.3 of Chapter 3 on page 138;

●

Strong project pipeline in Section 3.3 of Chapter 3 on page 137;

●

Key events in Section 3.4 of Chapter 3 on page 144;

●

Overview in Section 3.5 of Chapter 3 on page 149;

●

Key events in Section 3.5 of Chapter 3 on page 150; and

●

Overview in Section 3.6 of Chapter 3 on pages 153 – 154.

The information set forth in the third and fourth paragraphs of the section entitled “

Introduction

” of this 2023 Form 20-F is also

incorporated herein by reference. See also notes 5 Segments and 6 Acquisitions and

disposals to the Consolidated financial

statements.

Business Overview

The information set forth under the following headings of the 2023 Annual Report is incorporated

herein by reference:

●

Key figures for 2023 on page 5;

●

Key figures by segment on page 5;

●

We are Equinor in Section 1.1 of Chapter 1 on page 10;

●

Our Business in Section 1.3 of Chapter 1 on pages 12 – 14;

●

The world in which we operate in Section 1.4 of Chapter 1 on pages 15 – 16;

●

Our Strategy in Section 1.5 of Chapter 1 on pages 17 – 19;

●

The safety, sustainability,

and ethics committee (SSEC) in Section 1.9 of Chapter 1 on page 27;

●

Sustainability approach and Sustainability governance in Section 2.2 of Chapter 2 on pages 56

– 57;

●

Safe and secure operations,

excluding Major accident framework, in Section 2.2 of Chapter 2 on pages 62 – 69;

●

Management approach in Section 2.2 of Chapter 2 on pages 71 – 72;

●

Performance evaluation in Section 2.2 of Chapter 2 on page 76;

●

Management approach in Section 2.2 of Chapter 2 on page 78;

●

Performance evaluation in Section 2.2 of Chapter 2 on page 81;

●

Management approach in Section 2.2 of Chapter 2 on pages 82 – 84;

●

Performance evaluation in Section 2.2 of Chapter 2 on pages 88 – 89;

●

Portfolio composition under Management approach in Section 2.2 of Chapter 2 on pages 91 – 92;

●

Procurement and employment that enable growth and opportunities in Section 2.2 of Chapter 2

on page 103;

●

Performance evaluation in Section 2.2 of Chapter 2 on page 105;

●

Management approach in Section 2.2 of Chapter 2 on pages 106 – 107;

●

Performance evaluation in Section 2.2 of Chapter 2 on page 109;

●

Exploration & Production Norway in Section 3.1 of Chapter 3 on pages 124 – 129;

●

Exploration & Production International in Section 3.2 of Chapter 3 on pages 130 – 136;

●

Exploration & Production USA in Section 3.3 of Chapter 3 on pages 137 – 141;

●

Marketing, Midstream & Processing in Section 3.4 of Chapter 3 on pages 142 – 147

●

Renewables in Section 3.5 of Chapter 3 on pages 148 – 152; and

●

Other group in Section 3.6 of Chapter 3 on pages 153 – 155.

See also notes 5 Segments and 7 Total revenues and other income to the Consolidated financial statements.

The information about Equinor’s competitive position in the sections of the 2023 Annual

Report that are incorporated by

reference herein is based on several sources such as investment analyst reports, independent

market studies, and internal

assessments of market share based on publicly available information about the financial results

and performance of market players.

Applicable laws and regulations

Equinor operates in around 30 countries and is exposed and committed to compliance with numerous laws

and regulations

globally. The first graphic in Section 1.3 (‘Our Business’) on page 12 in Chapter 1 and the risks set forth under the heading ‘Policies

and legislation’ in Section 5.2 on page 267 of Chapter 5 of the 2023

Annual Report are also incorporated herein by reference.

Equinor 2023 Annual Report on Form 20-F

This section gives a general description on the legal and regulatory framework in the various

jurisdictions where Equinor operates and

in particular in the countries of Equinor’s core activities.

Regulatory framework for upstream oil and gas operations

Currently, Equinor is subject to two main regimes applicable to petroleum activities worldwide:

●

Corporate income tax regimes; and

●

Production sharing agreements (PSAs)

Equinor is also subject to a wide variety of laws and regulations concerning its products,

operations and activities, including

without limitations laws and regulations relating to health, safety and environmental (HSE). Relevant laws and

regulations include inter

alia jurisdiction specific laws and regulations, international regulations, conventions or treaties,

as well as EU directives and

regulations.

Concession regimes

Under a concession regime, companies are granted licences by the government to extract petroleum. This

is similar to the

Norwegian system described below. Typically,

the licences are offered to pre-qualified companies following bidding rounds. The

criteria for the evaluation of bidding offers under these regimes can be the level of offered signature bonus (bid

amount), minimum

exploration programme, and local content. In exchange for those commitments, the successful bidder(s) receive

a right to explore,

develop and produce petroleum within a specified geographical area for a limited period of time.

The terms of the licences are usually

not negotiable. The fiscal regime may entitle the relevant jurisdiction to royalties, profit

tax or special petroleum tax.

PSA regimes

PSAs are normally awarded to the contractor parties after bidding rounds announced by the

government. Main bid parameters

are a minimum exploration programme and signature bonuses, allocation of profit oil and, in some

cases, tax.

Under a PSA, the host government typically retains the right to the hydrocarbons in place.

The contractor receives a share of the

production for services performed. Normally, the contractor carries the exploration and development costs and risk prior to a

commercial discovery and is then entitled to recover those costs during the production phase. The remaining

share of the production -

the profit share, is split between the government and the contractor according to a mechanism set

out in the PSA. The contractor is

usually subject to income tax on its own share of the profit oil. Fiscal provisions in

a PSA are to a large extent negotiable and are

unique to each PSA.

Norway

Norway is not a member of the European Union (EU) but is a member of the European

Free Trade Association (EFTA). The EU

and the EFTA Member States have entered into the Agreement on the European Economic Area, referred to as the EEA Agreement,

which provides for the inclusion of EU legislation in the national law of the EFTA Member States (except Switzerland). Equinor’s

business activities are subject to both the EFTA Convention and EU laws and regulations adopted pursuant to the EEA Agreement.

The principal laws governing Equinor’s petroleum activities in Norway and on the NCS

are the Norwegian Petroleum Act of 29

November 1996 (the Petroleum Act) and the regulations issued thereunder, and the Norwegian Petroleum Taxation Act of 13 June

1975 (the Petroleum Taxation Act).

Under the Petroleum Act, the Norwegian Ministry of Petroleum and Energy (“MPE”) is responsible

for resource management and

for administering petroleum activities on the NCS. The main task of the MPE is to

ensure that petroleum activities are conducted in

accordance with the applicable legislation, the policies adopted by the Norwegian Parliament and relevant

decisions of the Norwegian

State.

The State’s role in relation to major policy issues in the petroleum sector can affect Equinor in two ways: first,

when the

Norwegian State acts in its capacity as majority owner of Equinor shares and, second, when

the Norwegian State acts in its capacity

as regulator:

●

The Norwegian State’s shareholding in Equinor is managed by the Ministry of Trade, Industry and Fisheries. The Ministry will

normally decide how the Norwegian State will vote on proposals submitted to general meetings

of the shareholders. However, in

certain exceptional cases, it may be necessary for the Norwegian State to seek approval

from the Storting before voting on a

certain proposal. This will normally be the case if Equinor issues additional shares and such

issuance would significantly dilute

the Norwegian State’s holding, or if such issuance would require a capital contribution from the Norwegian State in

excess of

government mandates. A vote by the Norwegian State against an Equinor proposal to issue

additional shares would prevent

Equinor from raising additional capital in this manner and could adversely affect Equinor’s ability

to pursue business

opportunities. The information regarding the Norwegian State’s ownership in the information set forth under the

heading “Major

Equinor 2023 Annual Report on Form 20-F

Shareholders” in Section 5.

1 of Chapter 5 and the risks set forth in “Ownership and action by the Norwegian State”

in Section 5.2

of Chapter 5 of the 2023 Annual Report are also incorporated herein by reference.

●

The Norwegian State exercises important regulatory powers over Equinor, as well as over other companies and corporations on

the NCS. As part of its business, Equinor or the partnerships to which Equinor is a party, frequently need to apply for licences

and other approvals from the Norwegian State. Although Equinor is majority-owned by the

Norwegian State, it does not receive

preferential treatment with respect to licences granted by or under any other regulatory rules enforced

by the Norwegian State.

The Petroleum Act sets out the principle that the Norwegian State is the owner of all

subsea petroleum on the NCS, that the

exclusive right to resource management is vested in the Norwegian State and that the

Norwegian State alone is authorised to award

licences for petroleum activities as well as determine their terms. Licensees are required to submit

a plan for development and

operation (PDO) to the MPE for approval. For fields of a certain size, the Storting has

to accept the PDO before it is formally approved

by the MPE. Equinor is dependent on the Norwegian State for approval of its NCS exploration

and development projects and its

applications for production rates for individual fields.

Production licences are the most important type of licence awarded under the Petroleum Act. A

production licence grants the

holder an exclusive right to explore for and produce petroleum within a specified geographical

area. The licensees become the

owners of the petroleum produced from the field covered by the licence. Production licences

are normally awarded for an initial

exploration period, which is typically six years, but which can be shorter. The maximum period is ten years. During this exploration

period, the licensees must meet a specified work obligation set out in the licence. If the licensees

fulfil the obligations set out in the

initial licence period, they are entitled to require that the licence be extended for

a period specified at the time when the licence is

awarded, typically 30 years.

The terms of the production licences are decided by the MPE. Production licences are

awarded to groups

of companies forming a

joint venture at the MPE’s discretion. The members of the joint venture are jointly and severally liable to

the Norwegian State for

obligations arising from petroleum operations carried out under the licence. The MPE decides

the form of the joint operating

agreements and accounting agreements. The MPE uses the same standard form of joint operating

agreement and accounting

agreement for all licenses.

The governing body of the joint venture is the management committee. In licences awarded

since 1996 where the State’s direct

financial interest (SDFI) holds an interest, the Norwegian State, acting through Petoro AS, may veto

decisions made by the joint

venture management committee, which, in the opinion of the Norwegian State, would not be in compliance

with the obligations set

forth in the licence with respect to the Norwegian State’s exploitation policies or financial interests. This

power of veto has never been

used.

Interests in production licences may be transferred directly or indirectly subject to the consent

of the MPE and the approval of the

tax treatment by the Ministry of Finance. In most licences, there are no pre-emption rights in favour

of the other licensees. However,

the SDFI, or the Norwegian State, as appropriate, still hold pre-emption rights in all licences.

The day-to-day management of a field is the responsibility of an operator appointed by the MPE.

The operator is in practice

always a member of the joint venture holding the production licence, although this is

not legally required. The terms of engagement of

the operator are set out in the joint operating agreement.

If important public interests are at stake, the Norwegian State may instruct the operators

on the NCS to reduce the production of

petroleum. An example of this occurred in May 2020, when the Norwegian State imposed

a reduction in oil production for the rest of

the year, due to the Covid-19 pandemic that led to a lower demand for oil and gas. The reduction in production was

distributed

between all fields on a pro rata basis.

A licence from the MPE is also required in order to establish facilities for the transportation

and utilisation of petroleum.

Ownership of most facilities for the transportation and utilisation of petroleum in Norway

and on the NCS is organised in the form of

joint ventures. The participants’ agreements are similar to joint operating agreements for production.

Licensees are required to prepare a decommissioning plan before a production licence or a licence

to establish and use facilities

for the transportation and utilisation of petroleum expires or is relinquished, or the use of a

facility ceases. On the basis of the

decommissioning plan, the MPE makes a decision as to the disposal of the facilities.

The information regarding Equinor’s activities and shares in Equinor’s production

licences on the NCS, set forth under the

heading ‘Exploration & Production Norway’ in Section 3.1 of Chapter 3 of the 2023

Annual Report is incorporated herein by reference.

On 1 July 2022, the MPE decided that parts of the Norwegian Security Act would

apply to Equinor. This enables Equinor to

receive and handle classified information from the authorities. In 2023, the MTIF and the MPE notified that

the Security Act will apply

in its entirety to Equinor as an undertaking controlling infrastructure and engaging in

activities which are of vital importance to

fundamental national functions. The Security Act entered into force 1 January 2019 and is designed

to protect national security

interests. The National Security Authority supervises undertakings which are covered

by the act.

Equinor 2023 Annual Report on Form 20-F

Gas sales and transportation from the NCS

Equinor markets gas from the NCS on its own behalf and on the Norwegian State’s behalf. Dry

gas is mainly transported through

the Norwegian gas transport system (Gassled) to customers in the UK and mainland Europe,

while liquified natural gas is transported

by vessels to worldwide destinations.

The Norwegian gas transport system, consisting of the pipelines and terminals through which

licensees on the NCS transport

their gas, is owned by a joint venture called Gassled. The Norwegian Petroleum Act

of 29 November 1996 and the pertaining

Petroleum Regulation establish the basis for non- discriminatory third-party access to the Gassled transport

system.

The tariffs for the use of capacity in the transport system are determined by applying a formula set out in

separate tariff

regulations stipulated by the MPE. The tariffs are paid for booked capacity rather than the

volumes actually transported.

The information set forth under the heading ‘

Marketing, Midstream & Processing

’ in Section 3.4 of Chapter 3 of the 2023 Annual

Report is also incorporated herein by reference.

The Norwegian State's participation

In 1985, the Norwegian State established the State’s direct financial interest (SDFI) through which the Norwegian

State has direct

participating interests in licences and petroleum facilities on the NCS. As a result, the Norwegian

State holds interests in a number of

licences and petroleum facilities in which Equinor also holds interests. Petoro AS, a company wholly

owned by the Norwegian State,

was formed in 2001 to manage the SDFI assets.

The Norwegian State has a coordinated ownership strategy aimed at maximising the aggregate value

of its ownership interests in

Equinor and the Norwegian State’s oil and gas. This is reflected in the Owner’s Instruction described

below, which contains a general

requirement that, Equinor, in its activities on the NCS, take account of these ownership interests in decisions that may affect the

execution of this marketing arrangement.

SDFI oil and gas marketing and sale

Equinor markets and sells the Norwegian State’s oil and gas together with Equinor’s

own production. The arrangement has been

implemented by the Norwegian State through a separate instruction (the Owner’s

Instruction) adopted by an extraordinary

shareholder meeting in 2001, with the Norwegian State as sole shareholder at the time.

The Owner’s Instruction sets out the specific

terms for the marketing and sale of the Norwegian State’s oil and gas.

Equinor is obliged under the Owner’s Instruction to jointly market and sell the Norwegian

State’s oil and gas as well as Equinor’s

own oil and gas. The overall objective of the marketing arrangement is to obtain the highest

possible total value for Equinor’s oil and

gas and the Norwegian State’s oil and gas, and to ensure an equitable distribution of the total value creation

between the Norwegian

State and Equinor.

The Norwegian State may at any time utilise its position as majority shareholder of Equinor

to withdraw or amend the Owner’s

Instruction.

Petroleum activities in the US are extensively regulated by multiple agencies in the US

federal government, and by tribal, state

and local regulation. The US government directly regulates development of hydrocarbons

on federal lands, in the US Gulf of Mexico,

and in other offshore areas. Different federal agencies directly regulate portions of the industry, and other general regulations related

to environmental, safety, and physical controls apply to all aspects of the industry. In addition to regulation by the US federal

government, any activities on US tribal lands (indigenous persons’ semi-sovereign territory)

are regulated by governments and

agencies in those areas. Significantly for Equinor’s US onshore interests, each

individual state has its own regulations of all aspects of

hydrocarbon development within its borders. A recent trend also includes local municipalities

adopting their own hydrocarbon

regulations.

In the US, hydrocarbon interests are considered a private property right. In areas owned by the US

government, that means that

the government owns the minerals in its capacity as landowner. The federal government, and each tribal and state government,

establishes the terms of its own leases, including the length of time of the lease,

the royalty rate, and other terms.

The vast majority of onshore minerals, including hydrocarbons, in every US state in which Equinor

has onshore interests, belong

to private individuals.

In order to explore for or develop hydrocarbons, a company must enter into a lease agreement with the

applicable governmental

agency for federal, state or tribal land, and for private lands, with each owner of the minerals the

company wishes to develop. In each

lease, the lessor retains a royalty interest in the production (if any) from the leased area. The lessee

owns a working interest and has

Equinor 2023 Annual Report on Form 20-F

the right to explore and produce oil and gas. The lessee incurs all the costs and liabilities

but will share only the portion of the revenue

that is net of costs and expenses and not reserved to the lessor through its royalty interest.

Leases typically have a primary term for a specified number of years (from one to ten years)

and a conditional secondary term

that is tied to the production life of the properties. If oil and gas is being produced in

paying quantities at the end of the primary term,

or the operator satisfies other obligations specified in the agreement, the lease typically continues beyond

the primary term (Held by

Production). Leases typically involve paying the lessor both a signing bonus based on the number

of leased acres and a royalty

payment based on the production.

Each US state has its own agencies that regulate the development, exploration, and production

of oil and gas activities. These

state agencies issue drilling permits and control pipeline transportation within state boundaries. The state

agencies particularly

relevant to Equinor’s US onshore activities include: (a) Pennsylvania Department

of Environmental Protection’s Office of Oil and Gas

Management, (b) Ohio Department of Natural Resources, Division of Oil and Gas, and (c) West Virginia Department of

Environmental

Protection. In addition, some state utility departments handle pipeline transportation within state

boundaries, and each state also has

its own department regulating environmental, health, and safety issues arising from oil and gas

operations.

Brazil

In Brazil, licences are mainly awarded according to a concession regime or a production sharing

regime (the latter specifically for

areas within the pre-salt polygon area or strategic areas) by the Federal Government. All state-owned

and private oil companies may

participate in the bidding rounds provided they follow the bidding rules and meet the qualification

criteria. The tender protocol issued

for each bidding round contains the draft of the concession agreement or the production sharing

agreement that the winners must

adhere to without the possibility of negotiating its terms, i.e., all the agreements signed

under a certain bidding round contain the

same general provisions and only differ in the particular items presented in the offers. There is no restriction on foreign

participation,

provided that the foreign investor incorporates a company under the Brazilian law for signing the

agreement and complies with the

requirements established by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels

(ANP).

The current criteria for the evaluation of bidding offers under the concession regime are: (a) signature bonus;

and (b) minimum

exploration program. However, in past bidding rounds the participants also had to offer a local content percentage as a firm

commitment. Companies can bid individually or in consortium always observing the qualification

criteria for operator and non-

operators.

The concession agreements are signed by ANP on behalf of the Federal Government. Generally, concessions are granted for a

total period of 35 years and typically the exploration phase lasts from two to eight

years, while the production phase may last 27 years

from the declaration of commerciality. Concessionaires are entitled to request the extension of each of these phases, subject to ANP

approval.

In bidding rounds involving the production sharing regime, the law grants to the Brazilian

government-controlled company

Petroleo Brasileiro S.A. – Petrobras, a right of preference to be the sole operator in the pre-salt

fields, with a minimum 30% of

participating interest. If this right is exercised, Petrobras may still participate in the bidding round

and present offers for the remaining

70% under the same conditions applicable to other participants. Likewise, in the concession bidding rounds,

companies may bid

individually or together with other companies. The winners are required to form a consortium with

Pre-Sal Petroleo S.A. (PPSA), a

Brazilian state-owned company, which is responsible for managing the production sharing agreement and selling the production

allocated to the Government under the profit oil. PPSA appoints 50% of the members

of the operating committee, including the

chairperson, in addition to certain veto rights and casting vote.

The current criteria for the evaluation of bidding offers under the production sharing regime is the offered percentage of profit oil.

The winner will be the company which offers the highest percentage to the government in accordance with the technical

and

economic parameters established for each block in the tender documents under a certain bidding

round.

Production sharing contracts are signed by the Ministry of Mines and Energy on behalf of the

Federal Government. Generally, the

contracts are valid for a period of 35 years which, by law, cannot be extended. Of the two phases of the contract – exploration and

production – the exploration phase may be extended provided that the total period of the contract

remains as 35 years.

In order to perform the exploration and exploitation of oil and gas reserves, companies

must obtain an environmental license

granted by the Brazilian Institute of Environment and Renewable Natural Resources (IBAMA),

which, together with ANP, is

responsible for the safety and environmental regulations regarding upstream activities.

HSE regulation relevant for the Norwegian upstream oil and gas activities in Norway

Equinor’s oil and gas operations in Norway must be conducted in compliance with

a reasonable standard of care, taking into

consideration the safety of workers, the environment and the economic values of installations

and vessels. The Petroleum Act

specifically requires that petroleum operations are carried out in such a manner that a high level of safety

is maintained and

developed in step with technological developments. Equinor is also required at all times to

have a plan to deal with emergency

Equinor 2023 Annual Report on Form 20-F

situations in Equinor’s petroleum operations. During an emergency, the Norwegian Ministry of Labour and Social Inclusion/Norwegian

Ministry of Transport/Norwegian Coastal Administration may decide that other parties should provide the necessary resources, or

otherwise adopt measures to obtain the necessary resources, to deal with the emergency for

the licensees’ account.

Liability for pollution damage

The Norwegian Petroleum Act imposes strict liability for pollution damage regardless of fault. Accordingly, as a holder of licences

on the NCS, Equinor is subject to statutory strict liability under the Petroleum Act as a result

of pollution caused by spills or discharges

of petroleum from petroleum facilities in any of Equinor’s licences.

A claim against the license holders for compensation relating to pollution damage shall initially

be directed to the operator, which

in accordance with the terms of the joint operating agreement, will distribute the claim

to the other licensees in accordance with their

participating interest in the licences.

Discharge permits

Emissions and discharges from Norwegian petroleum activities are regulated through several acts,

including the Petroleum Act,

the CO

Tax Act, the Sales Tax

Act, the Greenhouse Gas Emission Trading Act and the Pollution Control Act. Discharge of oil and

chemicals in relation to exploration, development and production of oil and natural gas

are regulated under the Pollution Control Act.

In accordance with the provisions of this Act, an operator must apply for a discharge permit from

relevant authorities on behalf of the

licence group in order to discharge any pollutants into water. Further, the Petroleum Act states that burning of gas in flares beyond

what is necessary for safety reasons to ensure normal operations is not permitted without approval

from the MPE. All operators on the

NCS have an obligation to, and are responsible, for establishing sufficient procedures for the monitoring and

reporting of any

discharge into the sea. The Norwegian Environment Agency, the Norwegian Petroleum Directorate and the Norwegian Oil Industry

Association have established a joint database for reporting emissions to air and discharges

to sea from the petroleum activities, the

Environmental Web (EW). All operators on the NCS report emission and discharge data directly into the database.

Regulations on reduction of carbon emissions and CO

storage

Equinor’s operations in Norway are subject to emissions taxes as well as emissions

allowances granted for Equinor’s larger

European operations under the emissions trading scheme. The agreed strengthening of the EU’s

emission trading scheme is

expected to affect energy and industry installations, which include Equinor’s installations at the NCS.

The price of emissions

allowances has increased significantly since the reforms to the EU Emission Trading Scheme in 2018 and is expected to increase

further towards 2030.

The Norwegian Climate Act promotes the implementation of Norway's climate targets as

part of the transition to a low-emission

society in Norway in 2050. This act may influence our activities through plans and actions

implemented by the state to achieve these

targets. Norway has presented a Climate Plan 2021-2030 with an updated target of 55% reduction

in GHG emissions in 2030

compared to 1990- levels. The Climate Plan states that the carbon cost for offshore oil and gas production in Norway

is expected to

increase to 2000 NOK/t CO2 towards 2030.

EU directive 2009/31/EC on the geological storage of CO2 is implemented in the Pollution Control

regulations, the regulations

related to the Petroleum Act and in a separate Storage regulation adopted under the 1963 Act

relating to scientific research and

exploration for and exploitation of subsea natural resources other than petroleum resources. The CO2 capture

and storage at

Equinor’s Sleipner and Snøhvit fields are governed by the Petroleum Act

and the Pollution Control regulations, and the CO2 storage

at Northern Lights JV DA and Smeaheia projects are governed by the Storage regulations

and the Pollution Control regulations.

HSE regulation of upstream oil and gas activities in the US

Equinor’s upstream activities in the US are heavily regulated at multiple levels, including

federal, state, and local municipal

regulation. Equinor is subject to those regulations as a part of its activities in the US

onshore (including Equinor’s assets in Ohio,

Pennsylvania and West Virginia), and in the US Gulf of Mexico.

The National Environmental Policy Act of 1969 is an umbrella procedural statute that requires

federal agencies to consider the

environmental impacts of their actions. Several substantive US federal statutes specifically cover

certain potential environmental

effects of hydrocarbon extraction activities. Those include: the Clean Air Act, which regulates air quality

and emissions; the Federal

Water Pollution Control Act (commonly known as the Clean Water Act), which regulates water quality and discharges; the Safe

Drinking Water Act, which establishes drinking water standards for tap water and underground injection rules; the Resource

Conservation and Recovery Act of 1976, which regulates hazardous and solid waste management;

the Comprehensive Environmental

Response, Compensation and Liability Act of 1980, which addresses remediation of legacy

disposal sites and release reporting; and

the Oil Pollution Act, which provides for oil spill prevention and response.

Other US federal statutes are resource-specific. The Endangered Species Act of 1973 protects

listed endangered and threatened

species and critical habitat. Other statutes protect certain species, including the Migratory Bird

Treaty Act, the Bald and Golden Eagle

Equinor 2023 Annual Report on Form 20-F

Protection Act and the Marine Mammal Protection Act of 1972. Other statutes govern natural resource

planning and development on

federal lands onshore and on the Outer Continental Shelf (OCS), including: the Mineral

Leasing Act; the Outer Continental Shelf

Lands Act; the Federal Land Policy and Management Act of 1976; the Mining Law

of 1872; the National Forest Management Act of

1976; the National Park Service Organic Act; the Wild and Scenic Rivers Act; the National Wildlife

Refuge System Administration Act

of 1966; the Rivers and Harbors Appropriation Act; and the Coastal Zone Management

Act of 1972.

The federal government regulates offshore exploration and production for the OCS, which extends from the

edge of state waters

(either 3 or 9 nautical miles from the coast, depending on the state) out to the edge

of national jurisdiction, 200 nautical miles from

shore. The Bureau of Ocean Energy Management (BOEM) manages federal OCS leasing

programs, conducts resource assessments,

and licences seismic surveys. The Bureau of Safety and Environmental Enforcement (BSEE)

regulates all OCS oil and gas drilling

and production. The Office of Natural Resources Revenue (ONRR) collects and disburses rents

and royalties from offshore and

onshore federal and Native American lands.

Additional federal statutes cover certain products or wastes, and focus on human health and

safety: the Toxic Substances

Control Act regulates new and existing chemicals and products that contain these chemicals;

the Hazardous Materials Transportation

Act regulates transportation of hazardous materials; the Occupational Safety and Health Act of

1970 regulates hazards in the

workplace; the Emergency Planning and Community Right-to-Know Act of 1986 provides emergency

planning and notification for

hazardous and toxic chemicals.

The federal and state governments share authority to administer some federal environmental programs

(e.g., the Clean Air Act

and Clean Water Act). States also have their own, sometimes more stringent, environmental laws. Counties, cities and other local

government entities may have their own requirements as well.

Equinor continually monitors regulatory and legislative changes at all levels and engages in the

stakeholder process through

trade associations and direct comments to suggested regulatory and legislative regimes, to ensure

that its operations remain in

compliance with all applicable laws and regulations. In particular, BSEE drilling and production regulations were extensively revised in

response to the 2010 Deepwater Horizon blowout and oil spill. The revised regulatory regime

includes requirements for enhanced well

design, improved blowout preventer design, testing and maintenance, and an increased number

of trained inspectors. The Biden

Administration continues to review and revise these regulations, and Equinor is engaged with

relevant governmental and industry

stakeholders to ensure that Equinor’s operations remain in compliance.

HSE regulation of upstream oil and gas activities in Brazil

Equinor’s oil and gas operations in Brazil must be conducted in compliance with

a reasonable standard of care, taking into

consideration the safety and health of workers and the environment. The Brazilian Petroleum Law

(Law No. 9,478/97) describes the

government’s policy objectives for the rational use of the country’s energy resources, including the protection of the environment. In

addition to the Brazilian Petroleum Law, Equinor is also subject to many other laws and regulations issued by different authorities,

including ANP, IBAMA, Federal Environmental Council (CONAMA) and Brazilian Navy. All those authorities have the power to impose

fines in case of non-compliance with the respective rules. The concession and production

sharing contracts also impose obligations

on operators and consortium members, who are jointly and severally liable. They must, at their

own account and risk, assume and

fully respond to all losses and damages caused directly or indirectly by the applicable consortium’s operations and their performance,

irrespective of fault, to the ANP, the Federal Government and third parties, without prejudice to any recourse rights which may have

been agreed separately among the consortium members (such as in a joint operating agreement).

The exploration, drilling and production of oil and gas depend on environmental licences which

define the conditions for the

implementation of the project and compliance measures to mitigate and control environment impact. Equinor

is subject to fines and

even licence suspension and/or cancellation in case of non-compliance with such conditions.

In Brazil, Equinor is also required to have an emergency response system as per ANP Resolution

No. 882/2022 to deal with

emergency situations in its petroleum operations, as well as an oil spill response plan in accordance

to CONAMA Resolution No.

398/2008, for each asset to minimise the environmental impact of any environmental

unexpected situation that may generate spill of

oil or chemical to sea.

Discharge permits

Discharges from Brazilian petroleum activities are regulated through several acts, including the CONAMA

Resolution No.

393/2007 for produced water, CONAMA Resolution No. 357/2005 and CONAMA Resolution No. 430/2011 for effluents (sewage, etc)

and IBAMA technical instructions for drilling waste. According to Environmental Ministry Ordinance

No. 422/2011, the discharge of

chemicals in connection with exploration, development and production of oil and natural gas is

assessed as part of the environmental

permitting process and the operator must apply for any discharge permit from relevant authorities

on behalf of the license group in

order to discharge any pollutants into the water.

Regulations on reduction of carbon emissions

Equinor 2023 Annual Report on Form 20-F

Although Equinor’s operations in Brazil are not subject to emissions taxes (CO

limit) yet, there are initiatives within the Brazilian

congress for the establishment of a carbon market. At this point it is unclear if and when these initiatives

will be turned into law.

The CONAMA Regulation No. 382/06 regulates air emissions limits for pollutant gases (e.g. NOx) from

all fixed sources that have

total power consumption higher than 100MW.

Gas flares must be authorised by the ANP under ANP Resolution No. 806/2020, which

also sets out cases in which ANP

authorisation is not necessary.

The Brazilian government signed the Paris Agreement in 2015. During COP26, Brazil updated

its ambition to reduce its

greenhouse gas emissions by 37% until 2025 and 50% until 2030, compared to 2005 levels. Because

of the desire to boost the

economy and an expected growing energy demand, the focus on emissions reduction is

on improved control of forests and land use

and for that Brazil continue to adhere to the Forest for Deal agreement, committing

to take actions to reduce illegal deforestation until

2030. The country also adheres to the Global Methane Pledge.

Regulatory framework for renewable energy operations

Equinor’s renewables positions currently mainly consist of offshore wind farms in operation and

development in the UK, the state

of New York and Poland. In these jurisdictions the legislation is structured around a lease where permission to develop is granted

following a series of approvals relating largely to environmental and social impact assessments. The government

separately auctions

a subsidized power purchase price either through renewable offtake certificates or contracts for difference. In both cases, Equinor

and

its partners take the risk for developing, constructing and operating the wind farms within a

fixed timeframe.

Other

Equinor entered into agreements with the National Iranian Oil Company (NIOC), namely, a Development Service Contract for

South Pars Gas Phases 6, 7 & 8 (offshore part), an Exploration Service Contract for the Anaran

Block and an Exploration Service

Contract for the Khorramabad Block, which are located in Iran. Equinor’s operational

obligations under these agreements have

terminated and the licences have been abandoned. The cost recovery programme for these contracts

was completed in 2012, except

for the recovery of tax and obligations to the Social Security Organization (SSO). From 2013

to November 2018, after closing

Equinor’s office in Iran, Equinor’s activity was focused on a final settlement with

the Iranian tax and SSO authorities relating to the

above-mentioned agreements.

In a letter from the US State Department of 1 November 2010, Equinor was informed

that it was not considered to be a company

of concern based on its previous Iran-related activities.

Equinor has an intention to settle historic obligations in Iran while remaining compliant with

applicable sanctions and trade

restrictions against Iran. Since November 2018 Equinor has not conducted any activity

in Iran, nor has it been able to resolve

tax

claims from the Iranian authorities.

No payments were made to Iranian authorities during 2023.

Taxation of Equinor

Norway

Equinor’s profits, both from offshore oil and natural gas activities and from onshore activities, are

subject to Norwegian corporate

income tax. In addition, a special petroleum tax is levied on profits from petroleum production

and pipeline transportation on the NCS.

In June 2022 the parliament enacted a cash-flow based tax system for the special petroleum tax

with effect from 1 January 2022.

After the reform, the Norwegian petroleum income is taxable at a tax rate of 71.8% after deducting

a calculated 22% corporate tax.

The corporate tax is deductible in the basis for the special petroleum tax, resulting in a 78%

marginal tax rate. For further information,

see note 11 Income taxes to the Consolidated financial statements.

Investment costs in the ordinary tax base (22%) will continue to be depreciated over six years.

In the special tax base,

investments are written off immediately in line with the cash-flow based tax system. Projects covered by the temporary rules

introduced in 2020 have had a tax uplift of 12.4% in 2023. The temporary rules apply to investments covered

by field or infrastructure

plans (PDOs and PIOs) submitted to the MPE after 12 May 2020 and before 1 January

2023 and approved before 1 January 2024.

The temporary rules will continue to apply until (and including) the year of planned production or project start-up

according to the

approved plans.

Equinor’s international petroleum activities are subject to tax pursuant to local legislation.

Equinor 2023 Annual Report on Form 20-F

Equinor’s operations in the US are subject generally to corporate income, severance

and production, ad valorem and transaction

taxes levied by the federal, state and local tax authorities, and to royalties payable to federal,

state and local authorities and, in some

cases, private landowners. The federal corporate income tax rate in the US is 21%, and there is an alternative 15% minimum

tax on

corporate book income for corporations with profits over USD 1 billion. US companies are also subject

to the Base Anti-abuse Tax

(“BEAT”) which imposes tax at 10% until 2026 and 12.5% thereafter on payments to foreign affiliates of US companies if those

payments exceed a given threshold of total tax-deductible expenditures.

Brazil

Corporate income tax and social contribution are levied on taxable net income at a combined rate

of 34%. A simplified tax regime

with a lower effective tax rate is available for legal entities with gross revenues below a threshold of 78 million

Brazilian reais per year.

In addition, there are several indirect taxes, but indirect tax rate on exports is set to zero.

The concessionary tax regime in Brazil usually includes government takes such as a 10% royalty, and special participation tax

that varies based on time, location and production between 10% and 40%, using a reference

price that is established by the Brazilian

petroleum regulator (ANP). The Production Sharing Regime in Brazil usually includes a 15%

royalty, an annual 80% cost recovery

ceiling, and a biddable government profit share.

In December 2023, the Brazilian Congress approved wide-ranging tax legislation which

aims to simplify the indirect tax system

through the introduction of a multi-tiered value added tax (VAT) system, whereby VAT

would be levied with a federal rate and a state

and/or municipality rate.

The states or municipalities would individually set their respective rates and administer

the tax for the local

element of the VAT.

The VAT

will be phased into effect over the next seven years. The new law also includes an excise tax on the

extraction, sale or commercialization of goods and services with a “harmful effect on health or environment”

of up to 1% of the market

value of extracted production.

The specific rate of the excise tax will be set with a complimentary law which must

be passed within six

months of the enactment, and so is expected by the end of June 2024.

This excise tax would increase operating costs for Equinor in

Brazil.

The new tax law in Brazil also seeks to preserve suspensions or exemptions from certain indirect

taxes for importation of capital

goods into Brazil. The details of these tax incentives will be contained in the Complimentary

Law described above.

Finally, there is a proposal package for direct taxes as well, which would reduce the corporate tax rate, while also introducing a

withholding tax on dividends paid by Brazilian incorporated entities. The direct tax legislation

is expected to be considered by the

Brazilian Congress later in 2024.

The UK government introduced a 25% Energy Profits Levy (EPL) in May 2022, which was

increased to 35% from January 2023.

The levy is charged on profits from oil and gas operations in the UK or on the UK

Continental Shelf and is in addition to existing profit-

based taxes on the sector. The EPL increased the rate of tax on oil and gas company profits to 75% from January 2023.

In addition, the UK government also introduced the Electricity Generator Levy (EGL) which

took effect from 1 January 2023. The

EGL imposes a tax of 45% on exceptional receipts generated from the production

of wholesale electricity which is sold at an average

price in excess of £75 per MWh.

Both the EPL and EGL are scheduled to expire on 31 March 2028.

Disclosures regarding oil and gas operations

The 2023 Oil and Gas Reserves Report is incorporated herein by reference. See

also notes 5 Segments and 7 Total revenues

and other income to the Consolidated financial statements.

The information set forth under the headings “Operational data”, “Sales prices”

and “Sales volumes” in Section 2.1 of Chapter 2

on pages 47 – 49 and “Proved oil and gas reserves” in Section 2.1 of Chapter 2 on pages 50

– 54 of the 2023 Annual Report is also

incorporated herein by reference.

Supplementary oil and gas information pursuant to FASB Topic 932

The following information is reported pursuant to FASB Topic 932.

Equinor 2023 Annual Report on Form 20-F

Capitalised cost related to oil and gas producing

activities

Consolidated companies

At 31 December

(in USD million)

2023

2022

2021

Unproved properties

5,022

5,917

7,077

Proved properties, wells, plants and other equipment

183,316

181,189

193,918

Total capitalised cost

188,338

187,106

200,994

Accumulated depreciation, impairment and amortisation

(132,902)

(133,584)

(139,890)

Net capitalised cost

55,436

53,523

61,104

Net capitalised cost related to equity accounted investments as of 31 December 2023 was USD

0 million, USD 463 million in 2022

and USD 900 million in 2021. The reported figures are based on capitalised costs within the

upstream segments in Equinor, in line

with the description below for result of operations for oil and gas producing activities.

Expenditures incurred in oil and gas property acquisition,

exploration and development activities

These expenditures include both amounts capitalised

and expensed.

Consolidated companies

(in USD million)

Norway

Eurasia

excluding

Norway

Africa

USA

Americas

excluding

USA

Total

Full year 2023

Exploration expenditures

662

310

253

1,276

Development costs

4,864

470

509

1,084

1,279

8,206

Acquired proved properties

1,271

Acquired unproved properties

352

381

Total

5,878

1,762

544

1,400

1,550

11,134

Full year 2022

Exploration expenditures

494

150

360

1,088

Development costs

4,483

320

379

712

965

6,859

Acquired proved properties

110

226

374

Acquired unproved properties

Total

5,093

573

474

862

1,325

8,327

Full year 2021

Exploration expenditures

522

139

299

1,026

Development costs

4,732

322

256

605

977

6,892

Acquired proved properties

Acquired unproved properties

(3)

Total

5,263

397

262

768

1,273

7,963

Equinor 2023 Annual Report on Form 20-F

Expenditures incurred in exploration and development activities related to equity accounted investments was USD

0 million in 2023,

USD 155 million in 2022 and USD 233 million in 2021.

Results of operation for oil and gas producing activities

As required by Topic 932, the revenues and expenses included in the following table reflect only those relating to the oil and gas

producing operations of Equinor.

The results of operations for oil and gas producing activities are included in the three upstream reporting segments

Exploration &

Production Norway (E&P Norway), Exploration & Production International (E&P International) and Exploration

& Production USA (E&P

USA) as presented in note 5 Segments

to the Consolidated financial statements. Production cost is based on operating

expenses

related to production of oil and gas. From the operating expenses certain expenses such

as; transportation costs, accruals for

over/underlift position and royalty payments costs are excluded. These expenses and mainly upstream business administration

are

included as other expenses in the tables below. Other revenues mainly consist of gains and losses from sales of oil and gas interests

and gains and losses from commodity-based derivatives within the upstream segments.

Income tax expense is calculated on the basis of statutory tax rates adjusted for uplift and tax

credits. No deductions are made for

interest or other elements not included in the table below.

Consolidated companies

(in USD million)

Norway

Eurasia

excluding

Norway

Africa

USA

Americas

excluding

USA

Total

Full year 2023

Sales

107

533

127

921

Transfers

37,892

1,121

2,242

3,954

2,646

47,855

Other revenues

387

129

238

887

Total revenues

38,341

1,357

2,832

4,319

2,814

49,663

Exploration expenses

(476)

(20)

(37)

(322)

(825)

Production costs

(2,898)

(250)

(482)

(494)

(593)

(4,717)

Depreciation, amortisation and net impairment losses

(5,017)

(840)

(567)

(1,489)

(1,026)

(8,939)

Other expenses

(862)

(456)

(691)

(446)

(2,436)

Total costs

(9,253)

(1,566)

(1,067)

(2,996)

(2,035)

(16,917)

Results of operations before tax

29,088

(209)

1,765

1,323

779

32,746

Tax expense

(22,543)

(961)

(358)

(106)

(23,934)

Results of operations

6,545

(175)

804

965

673

8,812

Net income/(loss) from equity accounted investments

(13)

Equinor 2023 Annual Report on Form 20-F

Consolidated companies

(in USD million)

Norway

Eurasia

excluding

Norway

Africa

USA

Americas

excluding

USA

Total

Full year 2022

Sales

155

554

615

166

1,578

Transfers

74,468

1,252

3,019

5,168

1,853

85,760

Other revenues

1,308

(203)

(1)

213

1,374

Total revenues

75,931

1,603

3,633

5,547

1,998

88,712

Exploration expenses

(366)

(249)

(69)

(220)

(320)

(1,224)

Production costs

(2,916)

(202)

(470)

(399)

(518)

(4,505)

Depreciation, amortisation and net impairment losses

(4,167)

(623)

(530)

(361)

(579)

(6,260)

Other expenses

(866)

(201)

(533)

(413)

(2,010)

Total costs

(8,315)

(1,275)

(1,066)

(1,513)

(1,830)

(13,999)

Results of operations before tax

67,616

328

2,567

4,034

168

74,713

Tax expense

(52,070)

(152)

(1,043)

2,458

361

(50,447)

Results of operations

15,546

176

1,524

6,492

529

24,266

Net income/(loss) from equity accounted investments

120

172

Equinor 2023 Annual Report on Form 20-F

Consolidated companies

(in USD million)

Norway

Eurasia

excluding

Norway

Africa

USA

Americas

excluding

USA

Total

Full year 2021

Sales

476

638

207

1,434

Transfers

38,578

960

2,021

3,712

1,249

46,520

Other revenues

711

(14)

221

932

Total revenues

39,386

1,422

2,659

4,140

1,279

48,886

Exploration expenses

(363)

(108)

(211)

(362)

(1,021)

Production costs

(2,600)

(196)

(497)

(397)

(378)

(4,068)

Depreciation, amortisation and net impairment losses

(4,900)

(2,462)

(444)

(1,734)

(416)

(9,956)

Other expenses

(1,052)

(140)

(674)

(292)

(2,105)

Total costs

(8,915)

(2,906)

(865)

(3,016)

(1,448)

(17,150)

Results of operations before tax

30,471

(1,484)

1,794

1,124

(169)

31,736

Tax expense

(22,887)

835

(652)

(14)

(201)

(22,919)

Results of operations

7,585

(649)

1,142

1,110

(370)

8,817

Net income/(loss) from equity accounted investments

176

215

Average production cost in USD per boe

based on entitlement

volumes (consolidated)

Norway

Eurasia

excluding

Norway

Africa

USA

Americas

excluding

USA

Total

2023

2022

2021

Production cost per boe is calculated as the production costs in the result of operations table, divided

by the produced entitlement

volumes (mboe) for the corresponding period.

Equinor 2023 Annual Report on Form 20-F

Organizational Structure

Exhibit 8 to this 2023 Form 20-F is incorporated herein by reference. The table within Exhibit

8 shows significant subsidiaries and

significant equity accounted companies within the Equinor group as of 31 December 2023.

Property, Plant and Equipment

Equinor has interests in real estate in many countries throughout the world,

including as part of certain developments and

projects of Equinor or in which Equinor participates.

Equinor’s three largest office buildings are (i) its head office located at Forusbeen 50, Stavanger, Norway which comprises

approximately 135,000 square meters of office space, (ii) its office building in Sandslivegen 90, Bergen, Norway which comprises

approximately 99,488 square meters of office space, and (iii) its office building located at Fornebu on the outskirts of Oslo which

comprises approximately 65,500 square meters. All three office buildings are leased by Equinor. Under a new lease agreement

entered into in 2022 for the office building at Fornebu, Equinor has reduced its area to 44,500 square

meters with effect from around

the start of year 2024. The office building in Bergen is owned by Sandsliveien 90 AS, a subsidiary

of Equinor Pensjon.

The information set forth under the following headings of the 2023 Annual Report is incorporated herein

by reference:

●

Investments in Section 2.2 of Chapter 2 on page 98;

●

Exploration & Production Norway in Section 3.1 of Chapter 3 on pages 124 – 129;

●

Exploration & Production International in Section 3.2 of Chapter 3 on pages 130 – 136;

●

Exploration & Production USA in Section 3.3 of Chapter 3 on pages 137 – 141;

●

Marketing, Midstream & Processing in Section 3.4 of Chapter 3 on pages 142 – 147;

and

●

Renewables in Section 3.5 of Chapter 3 on pages 148 – 152.

See also notes 12 Property, plant and equipment and 25 Leases to the Consolidated financial statements.

Production per field

The following tables show the regional production by field.

Equinor 2023 Annual Report on Form 20-F

E&P Norway - Equinor operated fields, average daily

entitlement production

Geographical area

Equinor's equity

interest in %

stream

Licence expiry

date

Average

production in

2023 mboe/day

Field

Johan Sverdrup

The North Sea

42.63

2019

2036-2037

319

Troll Phase 1 (Gas)

The North Sea

30.58

1996

2030

198

Oseberg

The North Sea

49.30

1988

2031

Gullfaks

The North Sea

51.00

1986

2036

Visund

The North Sea

53.20

1999

2034

Aasta Hansteen

The Norwegian Sea

51.00

2018

2041

Åsgard

The Norwegian Sea

35.01

1999

2027

Snøhvit

The Barents Sea

36.79

2007

2035

Tyrihans

The Norwegian Sea

58.84

2009

2029

Snorre

The North Sea

33.28

1992

2040

Gina Krog

The North Sea

58.70

2017

2032

Martin Linge

The North Sea

51.00

2021

2027

Kvitebjørn

The North Sea

39.55

2004

2031

Statfjord Unit

The North Sea

64.10

1979

2026

Sleipner West

The North Sea

58.35

1996

2028

Fram

The North Sea

45.00

2003

2040

Grane

The North Sea

36.61

2003

2030

Gudrun

The North Sea

36.00

2014

2032

Troll Phase 2 (Oil)

The North Sea

30.58

1995

2030

Mikkel

The Norwegian Sea

43.97

2003

2028

Heidrun

The Norwegian Sea

13.04

1995

2024-2025

Tordis

The North Sea

41.50

1994

2040

Alve

The Norwegian Sea

53.00

2009

2029

Trestakk

The Norwegian Sea

59.10

2019

2029

Vigdis

The North Sea

41.50

1997

2040

Norne

The Norwegian Sea

39.10

1997

2026

Kristin

The Norwegian Sea

54.82

2005

2027-2033

Hyme

The Norwegian Sea

42.50

2013

2029

Valemon

The North Sea

66.78

2015

2031

Njord

The Norwegian Sea

27.50

1997

2034

Sleipner East

The North Sea

59.60

1993

2028

Statfjord North

The North Sea

45.00

1995

2026

Morvin

The Norwegian Sea

64.00

2010

2027

Breidablikk

The North Sea

39.00

2023

2030

Gungne

The North Sea

62.00

1996

2028

Utgard

The North Sea

38.44

2019

2028

Statfjord East

The North Sea

43.25

1994

2026-2040

Urd

The Norwegian Sea

63.95

2005

2026

Sigyn

The North Sea

60.00

2002

2035

Sindre

The North Sea

74.66

2017

2026-2034

Fram H Nord

The North Sea

49.20

2014

2024-2035

Sygna

The North Sea

43.43

2000

2026-2040

Gimle

The North Sea

74.66

2006

2026-2034

Heimdal

The North Sea

29.44

1985

2023

Byrding

The North Sea

70.00

2017

2024-2035

Tune

The North Sea

50.00

2002

2025-2032

Total Equinor operated fields

1,261

Equinor 2023 Annual Report on Form 20-F

1) Åsgard changed ownership January 1st, 2023

from 34,57% to 35,01%

2) The Statfjord and Utgard fields in the North

Sea span the boundary between the Norwegian and UK

continental shelves. The volumes

pertain to Equinor’s operating interest in

Statfjord and Utgard on the NCS. For the volumes

pertaining to Equinor’s operating interest in

Statfjord and Utgard on the UKCS, please see Exploration

& Production

International in Section 3.1.2 of Chapter 3.

E&P Norway - Partner operated fields, average daily

entitlement production

Geographical area

Equinor's equity

interest in %

Operator

stream

Licence expiry

date

Average

production in

2023 mboe/day

Field

Skarv

The Norwegian Sea

36.17

Aker BP ASA

2013

2029-2036

Ormen Lange

The Norwegian Sea

25.35

A/S Norske Shell

2007

2040-2041

Ivar Aasen

The North Sea

41.47

Aker BP ASA

2016

2029-2036

Goliat

The Barents Sea

35.00

Vår Energi ASA

2016

2042

Ærfugl Nord

The Norwegian Sea

30.00

Aker BP ASA

2021

2033

Marulk

The Norwegian Sea

33.00

Vår Energi ASA

2012

2030

Enoch

The North Sea

11.78

Repsol Sinopec North Sea Ltd.

2007

2024

Total partner operated fields

114

Total E&P Norway including share of equity accounted production

Equinor 2023 Annual Report on Form 20-F

E&P International - Average daily equity production

Field

Country

Equinor's

equity

interest in %

Operator

stream

Licence

expiry date

Average daily

equity

production in

2023

mboe/day

Americas (excluding US)

115

Peregrino

Brazil

60.00

Equinor Brasil Energia Ltda.

2011

2040

Roncador

Brazil

25.00

Petróleo Brasileiro S.A.

1999

2052

Bandurria Sur

Argentina

30.00

Yacimientos Petrolíferos Fiscales S.A.

2015

2050

Hebron

Canada

9.01

ExxonMobil Canada Properties

2017

HPB

Hibernia/Hibernia Southern

Extension

Canada

Varies

Hibernia Management and Development

Company Ltd.

1997

HPB

Bajo del Toro

Argentina

50.00

Yacimientos Petrolíferos Fiscales S.A.

2022

2055

Africa

175

Block 17

Angola

22.16

TotalEnergies E&P Angola S.A.

2001

2045

In Salah

Algeria

31.85

Sonatrach

2004

2027

EQUINOR ASA [EQNR] Filings

EQUINOR ASA [STOHF] Filings